HONG KONG (MarketWatch) -- Foxconn Technology Group shares were lower on Monday amid reports of labor problems at a Chinese assembly plant that makes Apple's latest iPhone. The Taiwanese company said in a weekend statement that there had been two recent disputes between employees but no work stoppages at its Zhengzhou plant in China's central Henan province. Foxconn said it had taken steps to address disputes that took place last Monday and Tuesday involving a few production line workers and quality assurance personnel. However, China's state-run Xinhua news agency in a Saturday report said there had been a work stoppage at the plant on Friday wherein more than 100 quality inspectors had refused to report for a morning shift after one inspector had been assaulted by workers frustrated with new inspection standards. The work stoppage was not a strike and work had eventually resumed Friday at the plant, Xinhua reported, citing an unidentified spokesman for the Xinzheng Comprehensive Bonded Area as saying. Shares of Taipei-listed Foxconn Technology Co. were down 2.2%, underperfoming a 0.8% decline in Taiwan's stock benchmark.

Sunday, Oct 07, 2012

10:57PM

Hugo Chavez wins Venezuelan presidential electionby Sarah Turner

SYDNEY (MarketWatch) -- Hugo Chavez has been re-elected as president of Venezuela, after gaining 54% of the vote, it was widely reported on Monday. The result of what was believed to be the most tightly-contested leadership race in the country for a decade will ensure that incumbent Chavez will extend his run of power into a fourth term, according to the BBC. Chavez was first elected president of the country in 1998. Chavez beat challenger Henrique Capriles who gained 45% of the vote, according to reports.

10:43PM

World Bank cuts China's growth estimate to 7.7%by Chris Oliver

HONG KONG (MarketWatch) -- The World Bank on Monday lowered its 2012 growth forecast for China to 7.7% from its estimate in May of 8.2%, citing weakening growth in domestic demand and slowing investment as Beijing implemented austerity measures to cool the real estate market. The Washington-based organization said monetary policy easing this year along with new stimulus measures "could again reverse this trend in months to come." The World Bank also lowered its outlook for developing Asia to 7.2% from its May forecast of 7.6%.

10:05PM

Deutsche Bank downgrades India's Hero MotoCorpby Kristene Quan

HONG KONG (MarketWatch) -- Deutsche Bank on Monday downgraded India's Hero MotoCorp Ltd.
(IN:500182)
, the world's largest motorcycle manufacturer by sales volumes, to sell. The brokerage said the impact of an anticipated structural change, following the end of the company's joint venture with Honda Motor Co.
(JP:7267)
(HMC)
, is happening sooner than expected. It said Hero was impacted the most by the current slowdown in the Indian two-wheeler market, with sales volumes for the first half of the current fiscal year down 3%, although Honda managed to gain market share. The analysts also cut their two-wheeler industry volume forecasts, expecting it to grow 4.8% in the year ending March 2013, as compared to their earlier forecast of a 7.8% growth. They also cut their sales forecast for the next financial year to 9.7% from 10.2%.

SYDNEY (MarketWatch) -- Chinese telecom-gear firms pose a security threat to the U.S., according to a draft of a U.S. House of Representatives Intelligence Committee leaders report to be released Monday, Reuters reported. In an 11-month probe of Huawei Technology Co.
(se:002502)
and ZTE Corp.
(hk:763)
(ztcoy)
both firms failed to provide enough information to allay the committee's security concerns, according to the report. The firms "cannot be trusted to be free of foreign state influence," the draft committee report said, according to Reuters.

07:20PM

Australian stocks start new week on downbeat noteby Sarah Turner

SYDNEY (MarketWatch) -- Australian stocks declined in early trading on Monday, with the S&P/ASX 200 index
(au:xjo)
down 0.1% at 4,489.80. Mineral extractors were the worst performers by sector, with gold miner Newcrest Mining Ltd. down 1.9% and smaller rival Perseus Mining Ltd.
(au:pru)
down 1.7%. Gold futures took a tumble in New York on Friday after stronger U.S. jobs data led to a dimming of expectations for more central-bank easing. In addition, mainland Chinese stock markets are set to reopen Monday following a week-long holiday and Stan Shamu, strategist at IG Markets, said that caution could prevail in Australia ahead of the Shanghai open.

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